Earnings Explanatory Meeting
April 1, 2014 to September 30, 2014 (FY14 1H)

Earnings Presentation Material(November 11, 2014)* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting

Earnings Explanatory Meeting
April 1, 2014 to September 30, 2013 (FY13)
Supplementary Material

April 1, 2014 to September 30, 2014 (FY13)
1. Review of Consolidated Financial Results for FY14 1H

1. Details of Consolidated Financial Results for FY14 1H(1) Key factors of the consolidated financial results

P2(2) Consolidated financial results

P3

Purchasing trends of non-Japanese passengers by nationality
P4
2. Consolidated Financial Forecast for FY14(1) Changes in passenger volume (Haneda, Narita and Kansai)

P15(2) Consolidated financial results for FY14P16(3) Financial results by segment
1) Facilities management

P172) Merchandise sales

P183) Food and beverage

P19(1) Summary of consolidated financial forecast for FY14P6(2) Consolidated financial forecast for FY14P7(4) Breakdown of selling, general and administrative expenses(3) Forecast of operating revenues by segment

P8(5) Non-operating income/expenses and extraordinary income/loss
P21

3. Progress under the Medium-term Business Plan

P20(6) Consolidated balance sheets

P22(1) Progress of the priority subjects

P9(7) Consolidated statements of cash flows

P23(2) Review of medium-term business planning targets for FY15P11(8) Capital expenditure and depreciation expenses

P24

4. SKYTRAX Global Airport Ranking

P12

5. Reference (Destination cities of international flights)

P13

2. Details of Consolidated Financial Forecast for FY14(1) Consolidated financial forecast for FY14P25(2) Financial forecast by segment
1) Facilities management

P262) Merchandise sales

P273) Food and beverage

P28

３. Other Information(1) Capital expenditure and depreciation expenses

P29(2) Operating revenues/ordinary income/cash flows

P30

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting
April 1, 2013 to March 31, 2014
Reference Material

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s position at each airport

P32(2) Company history

P33(3) The Group’s business expansion at each airport

P34(4) Group companies (15 companies)

P35(5) Composition of the group businesses(consolidated, by segment / results for FY13)P36(6) Revenue composition (consolidated, by segment)

P37(7) Sales by region and segment (non-consolidated)

P38(8) Facilities of Tokyo International Airport (investment plan)

P39

2. Efforts Related to the Tokyo International Airport Re-expansion Project(1) Re-expansion project of Tokyo International Airport

P40(2) Founding and present state of the Tokyo International Air Terminal Corporation

P41(3) Overview of the Tokyo international terminal building

P42

3. Changes in Passenger Volume on Domestic and International Flights (Haneda and Narita) P43

Earnings Explanatory Meeting

April 1, 2014 to September 30, 2014 (FY14 1H)

1. Review of Consolidated Financial Results for FY14 1H
2. Consolidated Financial Forecast for FY14
3. Progress under the Medium-term Business Plan
4. SKYTRAX Global Airport Ranking

5. Reference

JAPAN AIRPORTTERMINAL

1. Review of Consolidated Financial Results for FY14 1H(1) Key factors of the consolidated financial results

Increase in the number of landing slots for international flights (30,000/year), and increase in the number ofincoming non-Japanese visitors, particularly from East and Southeast Asia

Business
environment

Increase in landing slots at Haneda International Terminal (30,000 /year)
Increase in non-Japanese visitors, mainly from East and Southeast Asia
Increase in LCC flights, further strengthening ability to function as a metropolitan airport

 Passenger volumes on Haneda domestic flights increased approximately 1% year on year due to gradual

Passenger
volumeRate of change(with respect toprevious period)

recovery in the domestic economy.
Passenger volumes on Haneda international flights increased approximately 40% year on year at Haneda
International, due to increase in landing slots and increase in non-Japanese visitors particularly from the
Asian region.
Passenger volumes on Narita flights decreased 4.7% year on year due to the increase in landing slots for
Haneda international flights.
Passenger volumes on Kansai flights increased 9.9% year on year due to the increases in LCC flights,
and non-Japanese visitors.

○ Number of passenger volume for FY2014 1H (YoY change)
Initial forecast

No. of passenger volume for the first half (1H)
Items

FY14
(10 thousands)

FY13(10 thousands)

Rate of change(%)

Rate of change(%)

Haneda –Domestic

3,153

3,120

1.1

1.5

-0.4

Haneda –International

565

402

40.6

41.5

-0.9

Total Haneda

3,719

3,522

5.6

6.1

-0.5

Narita

1,486

1,560

-4.7

-2.9

-1.8

Kansai

654

595

9.9

4.7

5.2

２

Difference(P)

JAPAN AIRPORTTERMINAL(2) Consolidated financial results
Increase in revenue and profit, supported by the increase in non-Japanese visitors

Main factors
behindchanges○ Differences from previous period
 Sales and product sales on international flights increased, supported by the increase in nonJapanese visitors
 Facility user charges revenue increased from the increase in domestic flight passenger volume
 Increase in commissioned facility management revenue following the opening of the expansion ofHaneda International Terminal○ Differences from initial projections
 Duty-free sales increased due to the increase in ratio of non-Japanese visitors
 Summing up of investment profits following above expected results of affiliated companies such as
TIAT○ Consolidated financial results for FY14 1H
Items

FY14

(Billions of yen)
FY13

ChangeRate ofchange(%)

Initial forecast*1

Difference

82.3

72.5

9.7

13.5

77.5

4.8

Facilities management

24.0

21.8

2.1

9.7

23.8

0.2

Merchandise sales

50.4

42.7

7.7

18.0

46.0

4.4

Food and beverage

7.8

7.9

-0.0

-0.4

7.7

0.1

Operating income/loss

5.0

3.0

1.9

65.4

4.1

0.9

Ordinary income/loss

6.1

3.2

2.9

90.3

3.7

2.4

Net income

3.9

1.8

2.0

109.5

2.0

1.9

Operating revenues*1 Financial forecasts released in May 2014
Note: Figures shown are rounded down to the nearest 0.1 billion yen.

３

JAPAN AIRPORTTERMINAL

Purchasing trends of non-Japanese passengers by nationality (1)(1) Volume of departing non-Japanese visitors by airport (monthly average)Japan

HanedaNo. of passenger volume(person)Composition
ratio (%)

Other

981,631100

114,704

12

374,56838

204,03021

288,32929

1,229,457

100

158,40613

434,13635

271,20322

365,71330

FY2014 1H

Composition
ratio (%)

KansaiComposition
ratio (%)

FY2013

No. of passenger volume(person)

NaritaNo. of passenger
volume (person)

No. of passenger volume(person)Composition
ratio (%)

No. of passenger volume(person)Composition
ratio (%)

（The three airports make up 70% of departing non-Japanese visitors nationally）(2) Volume of departing non-Japanese visitors by nationality and airport (monthly average)○ Rank and fluctuation in volume of departing passengers for FY14 1H≪ Haneda Airport≫
Nationality

No. of passenger
volume (person)

Comosition ratio(%)≪ Narita Airport≫
No. of passenger
volume (person)

Nationality

Change (%)≪ Kansai Airport ≫Comosition ratio(%)

Nationality

Change (%)

No. of passenger
volume (person)

Comosition ratio(%)

Change (%)(1) South Korea

33,820

7.2

7.4(1) China (incl. Hong Kong)

108,494

10.8

23.4

(1) China (incl. Hong Kong)

83,393

15.7

62.4(2) China (incl. Hong Kong)

25,701

5.5

42.7(2) Taiwan

66,654

6.7

32.1(2) Taiwan

62,96811.9

36.3(3) Taiwan

24,3135.2

3.4(3) U.S.A.

54,8645.5

14.4(3) South Korea

57,673

10.9

13.5(4) U.S.A.

12,0092.6

20.6(4) South Korea

40,903

4.1

13.3(4) U.S.A.

9,251

1.7

20.2

Non-Japanese

158,406

33.9

38.1

Non-Japanese

434,136

43.4

15.9

Non-Japanese

271,203

51.1

32.9

Japanese

309,188

66.1

39.5

Japanese

566,148

56.6

-14.7

Japanese

259,979

48.9

- 7.9

Total

467,593

100.0

39.1

Total

1,000,283

100.0

-3.7

Total

531,183

100.0

9.2

○ Number of departing non-Japanese passengers(Change)

Europe / U.S.A.
South Korea
China
TaiwanSouth-East Asia
Others(Thousands ofpeople)FY13 1H

FY13 2H

FY14 1H

FY13 1H

FY13 2H

４

FY14 1H

FY13 1H

FY13 2H

FY14 1H

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice.
Uses data for first half of 2014, Apr – Aug Transit passengers are not included in passenger volume

JAPAN AIRPORTTERMINAL

Purchasing trends of non-Japanese passengers by nationality (2)(3) Shift in volume of departing passengers and sales from directly-managed duty-free stores by airport and nationality (monthly average)
Other
South-East Asia
Europe and US
TaiwanSouth Korea
China
Japan

FY13

FY14 1H

FY13

FY14 1H

FY13

FY14 1H

Notes: “Net sales” show store sales. Haneda: duty-free stores, Narita: directly-owned stores, directly-owned boutiques, Kansai: directly-owned
boutiques. Sales by nationality includes estimates.

(4) Purchasing trends and main factors in FY14 1H for duty-free stores<Haneda>
Increased net sales in cosmetics and brand boutiques following the increase in Japanese travelers is making a strong contributionRegarding the significant recovery in Chinese visitors from the previous year, Japanese-made cosmetics and high-end jewelry arepromising, although not reaching a 20% share of net sales, with purchases from Chinese visitors more than double the average for Haneda
duty-free stores, strongly contributing to growth in net sales<Narita>Net sales to Chinese visitors make up approximately 40% of total net sales of duty-free stores, due to efforts to attract Chinese visitorsIn particular, sales of Japanese-made cosmetics and Japanese whisky have contributed strongly to the overall sales increaseChinese visitors make up around half of brand boutique sales, with high-end jewelry particularly promising<Kansai>
Net sales to Chinese visitors at boutiques make up 60% (50% in previous year)
５

JAPAN AIRPORTTERMINAL

2. Consolidated Financial Forecast for FY14
(1) Summary of consolidated financial forecast for FY14

Business in second half progressing smoothly owing to tourism-based country
promotion in addition to economic recovery
 Volume of passengers increasing smoothly owing to tourism-based country promotion in addition

Business
environment

to economic recovery.
By holding a conference aimed at implementing efforts to improve the ability to operate as a
metropolitan airport, progress has been made in reforming airport operations.
 Volume of passengers on domestic Haneda flights is expected to be approximately 1% higher year

Passenger
volumeRate of change(with respect toprevious period)on year owing to expected increases in travelers on domestic transit through Narita LCC flights.
Volume of passengers on international Haneda flights, in continuation from the first half, is expected
to be approximately 41% higher year on year, due to the expected increase in non-Japanese visitors.
Volume of passengers on Narita flights are expected to be approximately 4% lower year on year
owing to the increase in flights at Haneda.
Volume of passengers on Kansai flights, in continuation of the first half, is expected to beapproximately 10% higher year on year, owing to expected increases in LCC flights and nonJapanese visitors.

○ Forecast of passenger numbers for FY14 (YoY)
Items

FY14 1H(%)

FY14 2H(%)

FY14
Initialforecast *1

FY14
(%)

Difference(P)

Revisedforecast(10 thousands)

Haneda –Domestic

1.1

1.6

(1.1)

1.3

1.3

－

6,428

Haneda –International

40.6

42.6

(42.0)

41.8

41.8

－

1,139

Total Haneda

5.6

6.4

(5.9 )

6.0

6.0

－

7,387

Narita-4.7-4.7(-2.7)

-4.7

-2.8

-1.9

2,940

Kansai

9.9

11.5

(0.4)

10.7

2.5

8.2

1,333

*Figures in parentheses are the Company’s forecasts for FY14 2H
６

JAPAN AIR TERMINALJAPAN AIRPORT TERMINAL(2) Summary of consolidated financial forecast for FY14
Expected revenue and profit increases due to the rise in domestic facilities service fees in
addition to the increase in the number of non-Japanese visitors to Japan

Main factors
behindchanges○Differences from previous period
Merchandise and wholesale sales for international flights increased, supported by an increase in nonJapanese visitors

Facility user charges revenue increased supported by an increase in volume of domestic travelers at Haneda
Increase in commissioned facility managed revenue following the opening of the expansion of Haneda
International Terminal○Differences from initial forecasts
With the increase in revenue and profit from the first half, both net sales and profit exceed initial forecasts forthe full fiscal year.
Despite net sales exceeding initial forecasts in the second half, supported by the promising duty-freebusiness, profit was slightly lower due to an increase in expenses from a revision in the period forinvestment in facilities.

○ consolidated financial forecast for FY14

(Billions of yen)

FY14 1H
Items

FY14 2H

FY14FY13ActualInitialforecast

Difference

Revisedforecast

Initialforecast

Difference

Revisedforecast

Initialforecast

Difference

Operating revenues

82.3

77.5

4.8

83.0

80.1

2.9

165.4

157.6

7.8

Operating income/loss

5.0

4.1

0.9

3.7

4.2

-0.4

8.8

8.3

Ordinary income/loss

6.1

3.7

2.4

3.5

3.9

-0.3

9.7

Net income

3.9

2.0

1.9

1.7

2.2

-0.4

Annual dividend (Yen)

9.0

6.5

9.0

6.5

*Revised forecast is announced on October 2014.

Difference

147.1

18.2

0.5

6.1

2.6

7.6

2.1

5.7

3.9

5.7

4.2

1.5

2.9

2.7

18.0

13.0

Capital expenditures

6.7

5.7

Depreciation expenses

11.9

12.6

EBITDA

21.4

19.4

13.0

Note: Figures shown are rounded down to the nearest 0.1 billion yen.
７

JAPAN AIRPORT TERMINAL(3) Forecast of operating revenues by segment(Billions of yen)

FY14
Items

Revisedforecast

Initialforecast

ChangeRate ofchange (%)

Revisedforecast *1
Ratio (%)

Initialforecast(FY13)

ChangeRate ofchange (%)

FY13
Revisedforecast *1
Ratio (%)

Facilities management

48.3

48.1

0.2

0.4

(29.2)

44.1

4.1

9.5

(30.0)

Rent revenue

12.9

13.0

-0.1

-0.8

(26.7)

13.3

-0.4

-3.4

(30.4)

Facility user charges
revenue

17.8

17.8

0.0

－

(36.9)

16.4

1.3

8.0

(37.4)

Other revenues

17.6

17.3

0.3

1.7

(36.4)

14.2

3.3

23.3

(32.2)

Merchandise sales

101.3

93.9

7.4

7.9

(61.2)

87.5

13.7

15.8

(59.5)

Sales at domestic
terminal stores

33.4

33.0

0.4

1.2

(33.0)

32.0

1.3

4.1

(36.7)

Sales at internationalterminal stores

25.0

22.0

3.0

13.6

(24.7)

21.3

3.6

17.1

(24.4)

Other sales

42.9

38.9

4.0

10.3

(42.3)

34.0

8.8

25.9

(38.9)

Food and beverage

15.8

15.6

0.2

1.3

(9.6)

15.4

0.3

2.0

(10.5)

Sales fromrestaurants

9.2

9.2

0.0

－

(58.2)

9.1

0.0

0.1

(59.1)

Sales from in-flight
meals

4.5

4.6

-0.1

-2.2

(28.5)

4.6

-0.1

-2.2

(29.9)

Other sales

2.1

1.8

0.3

16.7

(13.3)

1.7

0.3

23.1

(11.0)*1 Distribution within each segment enclosed in parentheses (not including net sales within segment)*2 Main points of other income for each segment
Facility management: Facility maintenance and management commission revenue, hotel revenue, advertising and lounge revenue, parking
revenue, etc.
Merchandise sales: merchandise wholesale revenue (other duty-free stores), etc.
Eateries: TIAT food and beverage commission revenue, airline lounge and catering revenue, etc.
Note: Figures shown are rounded down to the nearest 0.1 billion yen.
８

3. Progress under the Medium-term Business Plan

JAPAN AIRPORTTERMINAL(1) Progress of the priority subjects
A. Measures for Haneda’s new international operations (further integration of domestic and international terminals)Strengthen the ability to function as a hub in anticipation of
the planned capacity expansion of metropolitan airports andthe Tokyo Olympic and Paralympic Games
Bolster the ability to guide visitors in response to theincrease in number of incoming non-Japanese visitors
Consider the development of attractive new commercial
facilitiesOpening of the Royal Park Hotel at Haneda
Opening of six new brand boutiques in theinternational terminal
Consignment of work for line of flow facilities forinternational business jets

B. Establish the future potential of new airport management
•
•
•

•

Early business start-up for duty-free stores within
airport town
Prepare for the opening of the Isetan Haneda men’sNo. 2 store, and ladies store
Consider business expansion into other domestic
airports••

Consider participating in the planning of business
operations at Sendai Airport
Opening of Mitsukoshi Ginza duty-free store in the
airport town next fall
Opening of Isetan Haneda men’s No. 2 store in June,
and the ladies store in July

C. Improve our business profitabilityTake thorough measures to improve efficiency of theexisting businesses of the GroupStrengthen the IT system for business applications forthe purpose of, among others, improving businessefficiency

Executed a contract with LSG to share resources, withthe aim of strengthening Cosmo’s on-flight meals
business
Push forward with the streamlining of supply
management

Strengthen human resource and organization
・Settle on a strategic employment plan corresponding to future changes in circumstances９◇ Progress under the Medium-term Business Plan (Reference)Ａ

Isetan Haneda Store (menswear) in Terminal 2(opened on June 13, 2014)
Isetan Haneda Store (lady’s wear) in Terminal 1(opened on July 18, 2014)

Ｃ

International flight lobby of “Haneda Tokyo Royal Park Hotel (opened on
September 30, 2014)
１０JAPAN AIRPORTTERMINALJAPAN AIRPORTTERMINAL(2) Review of medium-term business planning targets for FY15
Secure target profit ratio while investing in facilities
in response to internationalization of Haneda Airport(1) Review of numerical plan
Range

Prerequisite passenger growth rate

(Billions of yen)

FY14

FY15

Forecast Under-performing

On target

Over-performing

165.4

164.0

174.0

177.0

Operating income

8.8

7.0

9.0

10.0

Haneda-Domestic+1.0%

63,100(5.3%)(4.3%)(5.2%)(5.7%)

Haneda-International+3.7%

11,800Ordinary income

9.7

8.0

10.0

11.0

Narita+1.9%

EBITDA

21.4

Kansai

+1.2%

21.6

Under-performing factors
Under-performing
factors

Over-performing
Over-performingfactors
factors

Assessment of risk of event such as theEbola outbreak （Considering the impact
of new SARS)

Tourism Board target figures
Non-Japanese incoming visitors 20 million by
2020
Japanese outgoing travelers 20 million by 2016

(Thousandsof people)

Operating revenues(Operating income margin)

Pending factors

Forecasted number ofinternational passengers

YoY(Thousandsof people)

Haneda-13.0%

9,900

30,000

Narita-13.0%

13,500Kansai-13.0%

Forecasted number ofinternational passengers

YoY(Thousandsof people)

Haneda6.2%

12,10025,600

Narita10.9%

32,60011,600Kansai12.5%

15,000(2) Capital Expenditure Overview(Billions of yen)
FY14 (Forecast)
Total investment

6.7(Major projects)
Building 1 renewal related
Signage upgrades
Elevator spec changes
Toilet upgrades (Japanese to Western style)

(0.3)
(0.2)
(0.1)
(0.2)

South/North Terrace escalator installation(0.2)(Billions of yen)

9.0

Total investment

FY15(Major projects)

1.1

Arrival (carry-on luggage) escalator
installation•PBB update*Medium-term management plan

FY15 (Outlook)

Category
Initial targets

1.7

Buildings 1 & 2 renewal related•PBB updateLong-term repair plan

0.7

Operating revenues

0.5

Operating income

0.3

Other terminal upgrades

0.8

Retail related

１１

20.0

8.0

1.0

(Operating income margin)(5.2%)

Ordinary income

7.0

3.0

Net income

4.0

2.5

20.5

1.2

EBITDA

0.4

Change (Mid-range)

154.0

JAPAN AIRPORTTERMINAL

4. SKYTRAX Global Airport Ranking

Gained the SKYTRAX Global Airport Ranking
highest rank as 5-Star Airport
Haneda Passenger Terminal, in a first for Japanese airports, gained the world’s
highest ranking as a 5-Star Airport in the Global Airport Ranking. The Global
Airport Ranking makes its evaluation based on around 300 criteria including thebasic facilities of the passenger terminal, shopping and food service facilities,
internal design of the terminal, as well as hygiene and cleanliness. Through thisprocess, the overall facilities and quality of service at Haneda Airport’s
passenger terminal was ranked overall at the world’s highest standard.

「Global Airport Ranking 5-Star Airport」
Air Terminal

Country

Haneda Airport Terminal 1, 2, International

Japan

Hong Kong International Airport

China

Incheon International Airport

South Korea

Changi Airports International

Singapore

The award ceremony at Haneda Airport (Sep. 25, 2014)
Excerpt from SKYTRAX Homepage

Ranked by SKYTRAX as world No. 1, two years in a row, in two categories
In the category of World’s Best Domestic Airport overall rankings, Haneda Airport(Domestic Passenger Terminals 1 & 2) was ranked World No. 1. Also as a ranking of
airport cleanliness and comfort in the category of Best Airport Terminal Cleanliness,
Haneda Airport (Domestic Passenger Terminals 1 & 2, International Passenger Terminal)
has now been ranked World No. 1 two years in a row.
１２

JAPAN AIRPORT TERMINAL

5. Reference (Destination cities of international flights)
City name27 routes of international flights:
Approximately 80 flights departing per day

China

Korea

Daytime flight hours: 6:00 – 23:00
Late night/early morning flight hours: 23:00 – 6:00
Both daytime flight and late night/early morning flight hours

TaiwanMunichBeijingShanghai
Doha

Hanoi
Dubai
Bangkok
Ho Chi Minh City
Kuala Lumpur
Singapore

Vancouver
TrontoSeattleGimpo
IncheonSan Francisco
Hong Kong
Taipei
ManilaSlots/day

PEK

Hong Kong
Shanghai(Hongqiao)
Gimpo

HKG

4
5

SHA

4

GMP

InchonINC

122

Taipei (Songshan)

TSA

8Southeast Asia
Hanoi

HAN

Ho Chi Minh City

SGN

Singapore

Singapore

SIN

Philippines

ManilaMNL

Jakarta

CGK

Denpasar

DPS

Bangkok

BKK

Kuala Lumpur

KUL

2
1
5
2
2
1
1
1
3
3
1

VietnamLondonFrankfurt
Paris

Code

Beijing

Los Angeles

Indonesia

New York
Thailand
Malaysia

Honolulu

Jakarta
Denpasar

EuropeFrance

Paris

CDG

4

United Kingdom

LondonLHR

3Frankfurt

FRA

MunichMUC

Germany

2
1
2

North America
CanadaAmericaVancouver

YVR

TrontoYYZ

Honolulu

HNL

San Francisco

SFO

Los Angeles

LAX

New York

JFK

Seattle

SEA

1
1
1
2
2
2
1

Middle East

UAE

Dubai

DXB

QuatarDoha

DOXInternational departures total

１３*Currently out of service for New York1
1
81

(As of Oct. 2014)

Earnings Explanatory Meeting
April 1, 2014 to September 30, 2014 (FY14 1H)

Supplementary Material
1. Details of Consolidated Financial Results for FY14 1H
2. Details of Consolidated Financial Forecast for FY14
3. Other Information* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINAL

1. Details of Consolidated Financial Results for FY14 1H

JAPA AIR TERMINAL(1) Changes in passenger volume (Haneda, Narita and Kansai)(Thousand passengers)

70,000(Thousand passengers)

Haneda Airport – international passengers

Haneda Airport – domestic passengers

68,00014,000

FY14 forecast +41.8％ (initial forecast +41.8%)

FY14 result +1.3% (initial forecast +1.3%)
Sep. 2008
Financial crisis being
triggered by the US

64,000Oct. 2010
Expanded Terminal 2
at Haneda Airport

12,00062,48961,664(+41.8％)1H result +40.6% (initial forecast +41.5%)
2H forecast +42.6% (initial forecast +42.0%)

66,000

11,390(+1.3%)(+1.1％)

10,00062,000

May 2009
H1N1 influenza outbreak

58,75260,0007,950(+5.0%)

58,00059,344

Apr., Jul. 2008
Chartered flights
between Haneda andHong Kong commenced 4,817(2 RT/day)

58,8086,000

56,00056,42554,000Mar. 2011
the Great East Japan Earthquake
4,000

1H result +1.1% (initial forecast +1.5%)
2H result +1.6% (initial forecast +1.1%)

52,000

8,039

7,267

8,000

2,756

Mar. 2011
Great East Japan
Earthquake

Mar. 2014
Expansion in landing slots
to 30,000 times annuallyOct. 2010
New International
Terminal started
operation

Oct. 2009
Flights between Haneda and Beijingcommenced (4 RT/day)

2,000

50,000FY

FY

48,000
2008

2009

2010

2011

2012

 Results

Forecast 

2013

2014

0
2009

2010

2011

2012

2013

Forecast 2014(Thousand passengers)(Thousand passengers)

37,000 Results

2008

15,000

Narita Airport – international passengers
FY14 forecast -4.7% (initial forecast -2.8%)

14,000Kansai Airport – international passengers(+10.7％)

FY14 result+10.7% (initial forecast +2.5%)

13,33935,000
May 2009
H1N1 influenza outbreak

13,00012,05133,00031,51830,82929,71031,00029,000Sep. 2008
Financial crisis being
triggered by the US(-4.7%)

11,00026,926

1H result -4.7% (initial forecast -2.9%)
2H forecast -4.7% (initial forecast -2.7%)

May 2009
H1N1 influenza outbreak
Sep. 2008
Financial crisis being
triggered by the US

10,000Mar. 2011
the Great East Japan
Earthquake

9,000

8,000

11,428(+5.5％)

10,114
10,4089,571

1H result +9.9% (initial forecast +4.7%)
2H forecast +11.5% (initial forecast +0.4%)
FY

FY

23,0002008

12,00029,40027,00025,00030,862(+3.9%)

 Results
2009

2010

2011

2012

2013

Forecast 

7,000

2014

2008

15

 Results
2009

2010

2011

2012

2013

Forecast 
2014* Passenger volume
Results: Figures published by Minister of Land, Infrastructure, Transport and Tourism,
Narita International Airport Corporation and Kansai International Airport Co., Ltd.
Forecast: Created by the Company

JAPAN AIR TERMINAL(2) Consolidated financial results for FY14 1H
FY14 1H(Forecast)

Items

FY13 1H(Forecast)

Ratio
Operating revenues
Facilities management
Merchandise sales
Food and beverage
Cost of sales
Cost of sales ofmerchandise(Ratio*1)

Ratio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

82,31424,00150,436
7,876
41,893100.0

72,522

100.0

9,792

13.5

77,500

100.0

4,814

29.1

21,882

30.2

2,119

9.7

23,800

30.7

201

61.3

42,736

58.9

7,700

18.0

46,000

59.4

4,436

9.6

7,904

10.9

-27

-0.4

7,700

9.9

176

50.9

36,244

50.0

5,648

15.6

38,600

49.8

3,293

37,271

45.3

31,600

43.6

5,670

17.9

34,100

44.0

3,171

( 73.8%)

Cost of sales of food andbeverage

4,621

*2

( 58.7%)(Ratio )Initial forecast(May. 2014)

Rate ofchangeChange( 73.9%)

5.6

4,643

( -0.1P)

6.4( 58.7%)-21( 74.1%)

-0.5

-

4,500

( -0.3P)

5.8( 58.4%)121( 0.3P)

Gross profit

40,42149.1

36,278

50.0

4,143

11.4

38,900

50.2

1,521

Selling, general andadministrative expenses

35,38643.0

33,234

45.8

2,151

6.5

34,80044.9586Operating income

5,035

6.1

3,043

4.2

1,991

65.4

4,100

5.3

935

Non-operating
income/expenses

1,158

1.4

210

0.3

947

450.7

-400

-0.5

1,558

6,193
-22
3,940

7.5

3,253

4.5

2,939

90.3

3,700

4.8

2,493

-0.0

-37

-0.1

14

-38.6

-100

-0.1

77

4.8

1,881

2.6

2,059

109.5

2,000

2.6

1,940

Ordinary income
Extraordinary income/loss
Net income*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

Note: Figures shown are rounded down to the nearest million yen.
16

JAPAN AIR TERMINAL(3) Financial results by segment
1) Facilities management
FY14 1H(Results)

Items

FY13 1H(Results)
Ratio

Rate ofchangeChangeInitial forecast(May. 2014)

Ratio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenue

6,457

25.8

6,671

29.1

-214

-3.2

6,500

26.2

- 42

Facility user charges
revenue

8,942

35.7

8,248

36.0

694

8.4

9,000

36.1

- 57

Other revenues

8,601

34.4

6,962

30.4

1,639

23.6

8,300

33.3

301

Subtotal

24,001

95.9

21,882

95.5

2,119

9.7

23,80095.6

201Intersegment sales andtransfers

1,030

4.1

1,021

4.5

8

0.8

1,100

4.4

- 69

Total

25,031

100.0

22,903

100.0

2,127

9.3

24,900100.0131Operating expenses

21,78287.0

21,009

91.7

773

3.7

21,60086.7

182

Operating income

3,249

13.0

1,894

8.3

1,354

71.5

3,300

13.3

- 50

Sales to external customers(Ratio)( 13.0%)( 8.3%)( 4.7P)( 13.3%)• Rent revenue:
Review of domestic passenger terminal building airline office space rental fees
• Facility user charges revenues: Increase in facilities user charges owing to higher domestic passenger volumes• Other revenues:
Increase in commissioned facility revenue from TIAT
Increase in construction contract revenue

17( -0.3P)-¥0.1 billion+¥0.6 billion+¥0.6 billion+¥0.6 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(3) Financial results by segment
2) Merchandise sales
FY14 1H(Results)

Items

FY13 1H(Results)
Ratio

Initial forecast(May. 2014)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

16,51032.5

15,914

37.0

596

3.7

16,40035.4110International terminal
stores12,70625.0

10,517

24.4

2,188

20.8

11,000

23.8

1,706

Other sales

21,22041.8

16,303

37.9

4,916

30.2

18,600

40.2

2,620

50,43699.3

42,736

99.3

7,700

18.0

46,000

99.4

4,436

342

0.7

322

0.7

20

6.4

300

0.6

42

Total

50,779100.0

43,058

100.0

7,721

17.9

46,300

100.0

4,479

Operating expenses

46,861

92.3

40,024

93.0

6,836

17.1

43,200

93.3

3,661

Operating income

3,918

7.7

3,033

7.0

884

29.1

3,100

6.7

818

Sales to external customers

SubtotalIntersegment sales andtransfers(Ratio)( 7.7%)( 7.0%)( 0.7P)( 6.7%)• Sales at domestic terminal stores:
Increase in sales owing to increase in domestic passenger volume• Sales at international terminal stores:
Increase in sales of directly-managed stores at Haneda International Terminal
Increase in sales of directly-managed stores at Narita Airport
Increase in sales of boutique stores at Kansai Airport• Other sales:
Increase in wholesale sales to Haneda International and regional airports, etc.

18

( 1.0P)+¥0.6 billion+¥0.4 billion+¥1.0 billion+¥0.6 billion+¥4.9 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(3) Financial results by segment
3) Food and beverage
FY14 1H(Results)

Items

FY13 1H(Results)

Ratio

ChangeRate ofchangeInitial forecast(May. 2014)

Ratio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

4,632

51.1

4,600

51.3

32

0.7

4,600

52.3

32

Sales from in-flight meals

2,274

25.0

2,432

27.2

-158

-6.5

2,300

26.1

-25

969

10.7

871

9.7

98

11.3

800

9.1

169

Subtotal

7,876

86.8

7,904

88.2

-27

-0.4

7,700

87.5

176

Intersegment sales andtransfers

1,193

13.2

1,059

11.8

133

12.6

1,100

12.5

93

Total

9,069

100.0

8,963

100.0

106

1.2

8,800

100.0

269

Operating expenses

9,014

99.4

8,787

98.0

226

2.6

8,700

98.9

314

Operating income

55

0.6

175

2.0

-120

-68.2

100

1.1

-44

Sales to external customers

Other sales(Ratio)( 0.6%)( 2.0%)( -1.4P)( 1.1%)• Sales at international terminal stores:
Decrease in sales owing to downsizing of machine parts by overseas
passenger airlines

19( -0.5P)-¥0.1 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(4) Breakdown of selling, general and administrative expenses

Items

FY14 1H(Results)

FY13 1H(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

82,314100.0

72,522

100.0

9,792

13.5

Selling, general andadministrative expenses

35,38643.0

33,234

45.8

2,151

6.5

Salaries and wages

3,709

4.5

3,592

5.0

117

3.3

Provision for employees’
bonuses

1,072

1.3

862

1.2

209

24.2

96

0.1

89

0.1

6

7.3

496

0.6

485

0.7

10

2.2

Rent expenses

4,890

5.9

4,528

6.2

361

8.0

Business consignment
expenses

8,382

10.2

6,822

9.4

1,559

22.9

Depreciation expenses

5,847

7.1

6,258

8.6

-410

-6.6

10,89013.2

10,593

14.6

297

2.8

Provision for directors’ bonuses
Expenses for retirement
benefits

Other costs and expenses

20

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(5) Non-operating income/expenses and extraordinary income/loss
Items

FY14 1H(Results)

FY13 1H(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

82,314100.0

72,522

100.0

9,792

13.5

Operating income/loss

5,035

6.1

3,043

4.2

1,991

65.4

Non-operating income

1,620

2.0

750

1.0

869

115.9

372

0.4

333

0.4

38

11.7

705

0.9

-

-

705

-

Miscellaneous income

542

0.7

416

0.6

125

30.1

Non-operating expenses

462

0.6

540

0.7

-78

-14.5

Interest expenses

400

0.5

450

0.6

-49

-11.0

Equity in losses of affiliates

-

-

15

0.0

-15

-

Miscellaneous expenses

61

0.1

74

0.1

-12

-16.9

Ordinary income/loss

6,193

7.5

3,253

4.5

2,939

90.3

Extraordinary income

-

-

89

0.1

-89

-

22

0.0

126

0.2

-103

-81.9

Income taxes

2,229

2.7

1,335

1.8

894

67.0

Net income/loss

3,940

4.8

1,881

2.6

2,059

109.5

Interest and dividends
received
Investment return under theequity method

Extraordinary loss

21

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(6) Consolidated balance sheets(Millions of yen)

Cash and time deposits-¥2.8 billion
Accounts receivable+¥2.8 billion
Others+¥1.8 billion

Current
liabilities

Current
assets+1,497+2,444

Tangible fixed assets(depreciable assets)
Buildings and structures+¥1.4 billion
Accumulated depreciation-¥4.9 billion

Accounts payable-¥0.4 billion
Corporation tax payable+¥0.3 billion
Others+¥1.6 billion

Fixedliabilities-8,502Long-term loans payable-¥6.3 billion
Provision for retirement
benefits-¥1.7 billion

Fixedassets-3,592

Investments and otherassetsInvestment securities+¥1.4 billion
Deferred tax liabilities-¥0.8 billion

Net assets+5,857

Total assets

Total assets

184,211

185,358

Retained earnings+¥4.4 billion
Valuation difference on
available-for-salesecurities+¥0.6 billion
Deferred losses on hedges-¥0.2 billion

Equity ratio
FY14 1H

57.2％

FY13

54.1％
(+3.1P)

22

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(7) Consolidated statements of cash flows
Items

FY14 1H(Results)

FY13 1H(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

7,191

5,264

1,927

6,170

3,216

2,954

5,887

6,299

-412

Other current assets-1,020-1,425404

Other current liabilities

1,937

-125

2,062

Other fixed liabilities

-72

-272

200

Others-3,838-647-3,190

Income and other taxes paid

-1,872-1,779-92

Cash flows from investing activities-3,223-4,690

1,467

Purchase of tangible fixed assets-2,875-1,750-1,125Purchase of intangible fixed assets

-193

-330

137

Others-153-2,6092,455-6,833-2,831-4,002

Proceeds from long-term loans payable

-

4,300

-4,300

Repayment of long-term loans payable-5,886-6,218

332

-568

-527

-40

-378

-385

6

Cash flows from operating activities
Income before income taxes and minority
interests
Depreciation and amortization

Cash flows from financing activities

Dividends payment
Others
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents

-1

9

-11

-2,866-2,247-619

Cash and cash equivalents at the beginning of year

15,133

16,151-1,017

Cash and cash equivalents at the end of year

12,267

13,904-1,637

Note: Figures shown are rounded down to the nearest million yen.
23

JAPAN AIR TERMINAL(8) Capital expenditure and depreciation expenses
FY10 1H(Results)

FY11 1H(Results)

FY12 1H(Results)

FY13 1H(Results)

FY14 1H(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capitalexpenditure

5,940

5,183

4,270

1,845

1,489

Depreciation
expenses

5,858

6,685

6,341

6,258

5,847

Items

･Major capital expenditure
FY14 1H (Result)

Construction costs for Isetan Haneda store

0.4 billions of yen･Major depreciation expenses
FY10 1H(Results)

FY11 1H(Results)

FY12 1H(Results)

FY13 1H(Results)

FY14 1H(Results)

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

2.1

2.0

2.0

1.9

1.9

Terminal 2

2.1

3.0

2.6

2.6

2.4

International

0.3

-

-

-

-

P4 Parking

0.2

0.3

0.2

0.2

0.2

24

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL

2. Details of Consolidated Financial Forecast for FY14(1) Consolidated financial forecast for FY14
Items

FY14
(Forecasts)

FY13(Results)
Ratio

Operating revenues
Facilities management
Merchandise sales
Food and beverage
Cost of sales
Cost of sales ofmerchandise

Initial forecast(May. 2014)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

165,400
48,300101,300
15,80084,100100.0147,116100.0

18,283

12.4

157,600

100.0

7,800

29.2

44,115

30.0

4,184

9.5

48,100

30.5

200

61.2

87,50559.5

13,794

15.8

93,900

59.6

7,400

9.6

15,496

10.5

303

2.0

15,600

9.9

200

50.8

74,09050.4

10,00913.5

78,700

49.9

5,400

74,90045.3

64,979

44.2

9,920

15.3

69,700

44.2

5,200

(Ratio*1)( 73.9%)

Cost of sales of food andbeverage

9,200(Ratio*2)( 58.2%)( 74.3%)5.5( -0.4P)

9,110

6.2

( 58.8%)89( 74.2%)1.0( -0.6P)

9,000( -0.3P)

5.7( 57.7%)200( 0.5P)

Gross profit

81,30049.2

73,026

49.6

8,273

11.3

78,900

50.1

2,400

Selling, general andadministrative expenses

72,50043.9

66,831

45.4

5,668

8.5

70,600

44.7

1,900

Operating income

8,800

5.3

6,194

4.2

2,605

42.1

8,300

5.2

500

Non-operating
income/expenses

900

0.5

-471

-0.3

1,371

-

-700

-0.4

1,600

9,700
-400
5,740

5.8

5,723

3.9

3,976

69.5

7,600

4.8

2,100

-0.2

-55

-

-344

-

100

0.1

-500

3.5

2,979

2.0

2,760

92.6

4,200

2.7

1,540

Ordinary income
Extraordinary income/loss
Net income* Preconditions: Forecast of number of passengers
Haneda domestic (full-year)+1.3%
Haneda international (full-year)+41.8%
Narita international (full-year)-4.7%
Kansai international (full-year)+10.7%

YoY
YoY
YoY
YoY

* Ratio: Cost of sales of merchandise/Operating revenues of merchandise
Ratio: Cost of sales of food and beverage/Operating revenues of food and beverage

25

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(2) Financial forecast by segment
1) Facilities management
FY14(Forecasts)

Items

FY13
(Results)

Ratio

ChangeInitial forecast(May. 2014)

Rate ofchangeRatio

Differences

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenue

12,90025.6

13,355

28.9

-455

-3.4

13,00025.9-100Facility user charges
revenue

17,80035.4

16,487

35.6

1,312

8.0

17,80035.4-

Other revenues

17,60035.0

14,272

30.9

3,327

23.3

17,30034.5

300Subtotal

48,30096.0

44,115

95.4

4,184

9.5

48,10095.8

200Intersegment sales andtransfers

2,000

4.0

2,112

4.6

-112

-5.3

2,100

4.2

-100

Total

50,300100.046,228

100.0

4,071

8.8

50,200100.0

100Operating expenses

45,30090.1

42,571

92.1

2,728

6.4

44,60088.8

700Operating income

5,000

9.9

3,656

7.9

1,343

36.7

5,600

11.2

-600

Sales to external customers(Ratio)( 9.9%)( 7.9%)

(

2.0P)

(

•Rent revenue:
Review of domestic passenger terminal building airline office space rental fees
•Facility user charges revenue:
Increase in PSFC owing to the increase in domestic passenger volume•Other revenues: Increase from commissioned facilities (international) and lounge revenue

26

11.2%)( -1.3%)-¥0.3 billion+¥1.3 billion+¥3.1 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(2) Financial forecast by segment
2) Merchandise sale
FY14
(Forecasts)

Items

FY13
(Results)

Ratio

Initial forecast(May. 2014)

Rate ofchangeChangeRatio

Differences

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

33,40032.7

32,089

36.4

1,310

4.1

33,00034.9400International terminal
stores

25,00024.5

21,344

24.2

3,655

17.1

22,000

23.3

3,000

Other sales

42,90042.1

34,071

38.7

8,828

25.9

38,900

41.2

4,000

101,300

99.3

87,505

99.3

13,794

15.8

93,900

99.4

7,400

700

0.7

645

0.7

54

8.5

600

0.6

100

Total

102,000

100.0

88,150100.0

13,84915.7

94,500

100.0

7,500

Operating expenses

93,80092.0

81,635

92.6

12,16414.9

87,400

92.5

6,400

Operating income

8,200

8.0

6,515

7.4

1,684

25.9

7,100

7.5

1,100

Sales to external customers

SubtotalIntersegment sales andtransfers(Ratio)

(

8.0%)

(

7.4%)

(

( 0.6P)•Sales at domestic terminal stores:
Increase in sales owing to increase in domestic passenger volume•Sales at international terminal stores:
Increase in sales of directly-managed stores at Haneda International Terminal
Increase in sales of directly-managed stores at Narita Airport
Increase in sales of boutique stores at Kansai Airport•Other sales:
Increase in wholesale sales at Haneda International and Narita Airport
Increase in wholesale sales to regional airports, etc.

27

7.5%)

( 0.5P)+¥1.2 billion+¥1.0 billion+¥1.6 billion+¥1.0 billion+¥7.6 billion+¥1.2 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(2) Financial results by segment
3) Food and beverage
FY14(Forecasts)

Items

FY13
(Results)

Ratio

ChangeInitial forecast(May. 2014)

Rate ofchangeRatio

Differences

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

9,200

50.2

9,189

52.2

10

0.1

9,200

51.4

-

Sales from in-flight meals

4,500

24.6

4,601

26.2

-101

-2.2

4,600

25.7

-100

Other sales

2,100

11.5

1,705

9.7

394

23.1

1,800

10.1

300

Subtotal

15,80086.3

15,496

88.1

303

2.0

15,60087.2

200Intersegment sales andtransfers

2,500

13.7

2,088

11.9

411

19.7

2,300

12.8

200

Total

18,300100.0

17,584

100.0

715

4.1

17,900100.0

400Operating expenses

18,10098.9

17,437

99.2

662

3.8

17,50097.8

600Operating income

200

1.1

147

0.8

52

35.6

400

2.2

-200

Sales to external customers(Ratio)・Other Sales:

(

1.1%)

(

0.8%)

( 0.3P)

Increase in revenues from TIAT food and beverage consignments

(

2.2%)

( -1.1P)+¥0.3 billion

Note: Figures shown are rounded down to the nearest million yen.
28

JAPAN AIR TERMINAL

3. Other Information(1) Capital expenditure and depreciation expenses
Items

Capitalexpenditure
Depreciation
expenses

FY09(Results)

FY10(Results)

FY11(Results)

FY12(Results)

FY13(Results)

FY14(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

12,567

13,413

8,140

7,215

5,765

6,741

13,59813,217

13,954

12,865

12,68011,905･Major capital expenditure
FY13 (results)

FY14 (forecasts)

Construction work at International Transit Buildings 1 & 2¥1.3 billion

Construction work to install the auto-controlled central
monitoring device in Building 1¥1.2 billion

Construction work on 4th plan in Building 2¥1.1 billion

Repair work for Building 2 expansion¥0.3 billion

Renewal work to install electrical fittings in Building 1¥0.1 billion

Renewal work at Building 1¥1.1 billion

Renewal work for central monitoring system¥0.4 billion

Construction work for Isetan Haneda store¥0.4 billion

Renewal work for PBB in Building 1¥0.4 billion

Construction work to install PBB advertising in Building 1 ¥0.3 billion･Major depreciation expenses
FY09(Results)

FY10(Results)

FY11(Results)

FY12(Results)

FY13(Results)

FY14(Forecast)Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

4.6

4.1

4.4

4.2

4.0

3.9

Terminal 2

4.9

5.6

6.1

5.2

5.4

5.0

International

1.4

0.3

-

-

-

-

P4 Parking

0.3

0.6

0.6

0.5

0.5

0.4

29

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIR TERMINAL(2) Operating revenues/ordinary income/cash flows

Billions ofyen(left)
Operating revenues (results)《左軸》営業収益(実績)(left)
Operating revenues (forecast)《左軸》営業収益（予想）(right)Cash flows《右軸》キャッシュフロー(right)Cash flows (forecast)《右軸》キャッシュフロー（予想）(right)Ordinary income (results)《右軸》経常利益(実績)(right)Ordinary income (forecast)《右軸》経常利益（予想）Billions ofyenGreat East Japan
Earthquake

1,800
180

450
45

H1N1 influenza
outbreak

160
1,600

Financial realignment

140
1,400

Hikes in the price of crude oil

Voluntary closure of Yamaichi Securities

35
350

Chubu International Airport opened

Kansai International Airport
openedNarita Airport Terminal 2 started operation

120
1,200

40
400

Financial crisis being
triggered by the US

Y2K task

SARS outbreak

30
300

Iraq war
9-11 Terrorist Attack in the US

The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

1,000
100

250
25

Haneda Airport Terminal 2
started operation (Dec. 2004)

80
800
Haneda Airport Terminal 1
started operation (Sep. 1993)

16.1
161
17.7
177

600
60

150
15
14.6
13.9
139 146

15.1
151
13.3
133

40
400

6.7
67
4.9
49

00

550

5.7
57

3.6
36

3.1
31

10
100

9.7
97

10.7
107

20
200

20
200

00
0.1
1

-20
-200



'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13



-5
-50

'14

Results Forecast(Cash flows = Net income + Depreciation expenses – Dividends)
30

Earnings Explanatory Meeting

April 1, 2014 to September 30, 2014

Reference Material
1.

Overview and Characteristics of Japan Air Terminal (JAT)’s Business

2.

Efforts Related to the Tokyo International Airport Re-expansion Project3.

Changes in Passenger Volume on Domestic and International Flights(Haneda and Narita)* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Japan Airport Terminal Co.,Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINAL

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s position at each airport
AirportResponsible
partyManagement
party
Airport facilities(basic facilities)
Runways
Taxiways
ApronsHaneda Airport(Tokyo International Airport)

Narita Airport(Narita International
Airport)Kansai Airport(Kansai International
Airport)Central Japan Airport(Central Japan International
Airport)Itami Airport(Osaka International
Airport)National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure, Transport and Tourism)

Control facilities
Domestic: JAT
Terminal buildings International: Tokyo International Air
Terminal Corporation (TIAT)
Shareholder
composition

Private corporations, etc.:

100%

Narita International Airport
Corporation

National government:

New Kansai International
Airport Company, Ltd.

100% National government:

Central Japan International
Airport Co., Ltd.

Private corporations, etc.:
100% National government:
Local governments:

50%
40%
10%

Osaka International Airport
Terminal Co., Ltd.
New Kansai International
Airport Company, Ltd.
100%

(Reference) Basic position of terminal building companies

Operators of the airport facilities
Runways, taxiways and aprons:
Installed and managed by national government, local governments, and Narita/New Kansai/Central Japan
airport companies
Terminal buildings and cargo terminals: Constructed, owned, and managed by private corporations, third sector bodies, and airport companies, etc.
Maintenance area:
Constructed, owned, and managed by private corporations and airline companies
JAT has been designated as an Airport Facilities Operator* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to
Article 15, Paragraph 1 of the Airport Act.
*Enterprise that constructs or manages airport facilities (passenger or cargo handling facilities or aircraft refueling facilities necessary foran airport to perform its functions).

Relationship with airline companies
JAT leases facilities such as check-in counters and offices.

Relationship with merchandise stores, restaurants, and service stores
JAT leases store/office space to the passenger terminal building companies which open their own stores, or to the tenants of airlinerelated companies. Those companies need filings to operate sales at the airports.
32

JAPAN AIR TERMINAL(2) Company history
Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial
resources after the war, only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided tobuild the terminal with private funds (cabinet approved), and in 1953 the Company was founded with the cooperation of major
financial institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953 (July)
1955 (May)1964 (April)

1978
1990
1991
1993
1994
1998
2001
2002
2003
2004
2005
2006

2007

2008
2009
2010

2011
2013
2014

Established with private sector capital of 150 million yen.
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic
Games.
(October)Duty-free sales operations commenced.
(May)
Commenced merchandise sales including duty-free articles, hotel reservation services
and other operations with the opening of Narita International Airport.
(February)
Listed on second section of the Tokyo Stock Exchange.
(September) Listed on first section of the Tokyo Stock Exchange.
(September) Haneda Airport Terminal 1 (Big Bird) started operation.
(September) Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
(March)The temporary international terminal at Haneda Airport started operation.
(February)
International charter flights commenced at Haneda Airport.
(April)Terminated periodic international flights from Haneda Airport (transfer of China Airlines
and the EVA Airways to Narita).
(November) International charter flights between Haneda and Seoul (Gimpo) commenced.
(December) Terminal 2 at Haneda Airport started operation.
(February)
Wholesale of duty-free goods commenced with the opening of Central Japan International
Airport.
(April)Participated in the project of the maintenance and operation of terminal at international
flight area of the Tokyo International Airport.
(June)
Invested in the special purpose company (SPC) “Tokyo International Air Terminal
Corporation.”(February)South Pier in Terminal 2 at Haneda Airport started operation.
(September) International charter flights between Haneda and Shanghai (Hongqiao Airport)commenced.
(April)International charter flights between Haneda and Hong Kong commenced (during specifichours).
(April)Designated as an Airport Facilities Operator under the revised Airport Act.
(October)International charter flights between Haneda and Beijing commenced.
(August)P4 multi-story parking main building started operation (full-scale operation scheduled in
October).
(October)
The extended part of Terminal 2, Haneda Airport started operation.
The new International Passenger Terminal (TIAT) started operation.
(January)
Established Japan Airport Terminal Trading (Chengdu) Co., Ltd.
(November) Renewal of Terminal 1 building, Haneda Airport completed.
(April)The extended part of south Pier in Terminal 2 at Haneda Airport started operation.
(April)The extended part of International Passenger Terminal at Haneda Airport started
operation.
33

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

Haneda Airport Terminal 2

JAPAN AIR TERMINAL(3) The Group’s business expansion at each airport
Haneda Airport (Tokyo International Airport)
Terminal 1 (area under management: 292,400 m2)

Terminal 2 (area under management: 255,600 m2)• Construction, management, andoperation of terminal buildings• Real estate leasing• Merchandise sales(direct management)• Food and beverage services(direct management)• Passenger services• Preparation/sales of in-flightmeals

Started operation on September 27, 1993

International Passenger Terminal(constructed and managed by Tokyo International Air Terminal Corporation)
Business under contract• Facilities
maintenance/management• Duty-free store operation, etc.
• Passenger services

Parking lots
Management of parking lots
(total of 4,776 spots)• P1 parking lot

2,351 spots• P4 parking lot

2,425 spots• Wholesale and merchandise
sales• Food and beverage services

Started operation on October 21, 2010

Narita International Airport

Started operation on December 1, 2004
South Pier started operation on February 15, 2007
The extended part of Terminal 2 started operation on October 13, 2010
The extended part of south Pier in Terminal 2 at Haneda Airport
started operation on April 8, 2013.

Central Japan International
AirportKansai International Airport• Wholesale

Chengdu Int’l Airport andChengdu City (China)• Merchandise sales (duty-free stores, etc.)• Commissioned management of duty-free stores• Wholesale (duty-free items, general items),
commissioned management of duty-free stores• Merchandise sales• Wholesale• Wholesale• Food and beverage service• Food and beverage service• Passenger services• Preparation/sales of in-flight meals

34• Merchandise sales

JAPAN AIR TERMINAL(4) Group companies (15 companies)
Facilities management operations (6 companies)[Maintenance and management]• Japan Airport Techno Co., Ltd.

Japan Airport Terminal Co., Ltd.

Maintenance management of airport terminal facilities (inspection, construction,cleaning, etc.)
Security service in airport terminal facilities and management of parking area
Management of garbage disposal plants• Haneda Airport Security Co., Ltd.
• Sakura Clean Corporation[Service]• BIG WING Co., Ltd.
Advertising agency business and event planning management in airport terminal facilities• Haneda Passenger Service Co., Ltd. Passenger services (information, insurance sales, and travel agency business)• Japan Airport Ground Handling Co., Ltd.
Ground handling operations at Haneda Airport (passengers, ramps, business jets)

Merchandise sales operations (5 companies)• International Trade Inc.
• Japan Airport Logitem Co., Ltd.
• Japan Airport Terminal Trading(Chengdu) Co., Ltd.
• Haneda Airport Enterprise Co., Ltd.
• Hamashin Co., Ltd.

Retail sales and wholesale of goods to stores at domestic airports
Transportation and customs clearance services
Retail sales and wholesale of goods at Chengdu Shuangliu International Airport(Sichuan Province, China)
Operation of stores at Haneda Airport and Narita International Airport(foodstuffs, general merchandise, duty-free)
Wholesale of marine products

Food and beverage operations (4 companies)• Tokyo Airport Restaurant Co., Ltd.
•Cosmo Enterprise Co., Ltd.
•CTT Inc.
•Kaikan Kaihatsu Co., Ltd.

Management of restaurants at Haneda Airport and Narita International Airport
Operation of airport lounges and conference rooms at Haneda Airport
In-flight meal production for foreign airlines at Haneda Airport and Narita International Airport
Cleaning of airline cabin items
Operation of restaurants, halls, and conference rooms•

In January 2011, the Company established Japan Airport Terminal Trading (Chengdu) Co., Ltd., (capital 85 million yen, investment ratio 100.0%) as a subsidiary specializing
in merchandise sales and wholesale operations at Chengdu Shuangliu International Airport (Sichuan province, China).

•

In July 2011, BIG WING Co., Ltd. merged with its consolidated subsidiary Hiro International Co., Ltd.

35

JAPAN AIR TERMINAL

前期末P38参照(5) Composition of the group businesses(consolidated, by segment / results for FY14 1H)
Composition of sales
Other 1% (1%)

In-flight meals 3% (3%)

Restaurants 6% (6%)

Food andbeverage
operations

Rent revenue 9% (9%)

11%
(11%)
Facilities
management
operations

Other
22% (23%)

Facility user charges revenue
11% (12%)

30%
(30%)
Merchandise sales
operations

Other 10% (10%)

59%
(59%)
Stores at international terminal
15% (14%)Stores at domestic terminal
22% (22%)* Figures in parenthesis are results for FY13 1H.
36

JAPAN AIR TERMINAL(6) Revenue composition (consolidated, by segment)
Category

Facilities
management
operations

Revenue details

Rent revenue

Office lease (fixed rent); store lease (fixed rent + percentage
commission)

Facility user
charges revenue

Fees for use of passenger facilities (domestic flights: PSFC)

OthersCommissioned management fee of Haneda Airport, parking fee
revenue, advertising revenue; sales from paid waiting room
(Airport Lounge); revenue from subcontracted work

Stores at domestic
Merchandise sales for stores at Haneda Airport
terminal
Merchandise
sales
operations

Stores atinternationalterminal
OthersFood andbeverage
operations

Merchandise sales for lobby stores at Haneda Airport
Merchandise sales for stores such as duty-free stores at Narita
International Airport and Kansai International Airport

Expenses details
Depreciation; water, heating, energy
expenses; repairs expenses; lease fee (suchas national property usage fee); taxes andpublic charges; cleaning expenses;
outsourcing fees
Lease fee (such as national property usagefee); taxes and public charges (fixed assettax); outsourcing fees
Cost of sales; supply expenses
Cost of sales; supply expenses; percentage
of business

Wholesale to Haneda Airport, Narita International Airport, KansaiInternational Airport, and Central Japan International Airport
Cost of sales and agent service fee
Commissioned management fee of Haneda Airport, Narita
International Airport, and Kansai International Airport

Restaurants

Restaurant sales at Haneda Airport and Narita International
AirportFood expenses (cost of sales for food andbeverage), percentage of businessIn-flight meals

Production and sales of in-flight meals

Food expenses (cost of sales for food andbeverage)

Wholesale of products such as frozen foods and box meals

Food expenses (cost of sales for food andbeverage)

Others

Factors behind changes in earnings: Environment the airline industry operates in (such as changes in the number of passengers on bothinternational and domestic flights)
Government measures, etc. (such as the government’s and regulating authority’s airport management
policy and revisions to and changes to the system of usage fees for national assets)
Changes in facility user charges (domestic flights)
37

JAPAN AIR TERMINAL(7) Sales by region and segment (non-consolidated)
By segment

By region(Haneda Airport)

KansaiInternational
AirportNaritaInternational
AirportSale ofmerchandise
57%

4%

15%

(4%)

Rent
revenue
13%(15%)
HanedaAirport77%(77%)

Central Japan
International Airportand others

2%
(2%)

Development ofCompany-owned land
(Effective use of land previously
used for dorms and company
housing)2%

Other revenues

(2%)

12%

* Figures in parenthesis are
results for FY13 1H
38

Facility user
charges revenue
18%

JAPAN AIR TERMINAL(8) Facilities of Tokyo International Airport (investment plan)

Terminal 2
ANA, ADO, SNA, SFJ
Fixed Spots: 23[Fourth Stage of the Plan]• Expansion and Renovation of 3 spots
Investment amount: ¥7.6 billion
Started operation in April 2013

[International Terminal Dismantling Works]• Dismantling works
Investment amount: ¥0.4 billion
Scheduled in FY11Ｐ４[Construction of P4 Multi-story Parking Lot]
• Full-scale multi-story parking lot
Started operation in August 2010

[Third Stage of the Plan]• Main building
Started operation in October 2010

[Terminal 1 Renovation Project]• Arrangements for environment, stores,
other facilities
Investment amount: ¥7.0 billion
Scheduled to complete in FY10-11

Terminal 1
JAL Group, SKY, SFJ
Fixed Spots: 24[Installation Upgrading Works]• Upgrading of the passenger boarding
bridge at Terminal 1, upgrading of
installations at Terminals 1 & 2Completed in FY10-12

39

JAPAN AIR TERMINAL

2. Efforts Related to the Tokyo International Airport Re-expansion ProjectJAPAN AIR TERMINAL(1) Re-expansion project of Tokyo International Airport
Runway Construction
Project
Construction started: FY06
Operation started:
October 21, 2010

Runway C

Terminal 2

Runway D

Runway B

With the additional expansion, landing
slots will increase by 1.3 times

Terminal 1[Before the re-expansion]
303 thousand slots a year (on daytime)(equivalent to 830 slots a day)

Runway A
International TerminalInternational Section
Development Project(by PFI)
Operation started:
October 21, 2010

Increase of 104 thousand slots a year(or 284 slots a day)
Of which, around 60 thousand slots arefor international flights (on daytime)[After the re-expansion] (from FY13-end)
407 thousand slots a year

Haneda Airport Dock(on daytime)(equivalent to 1,114 slots a day)40

* Estimated based on the materials from the Study Group meeting for slot allocation
standards at Haneda Airport (July 2009) and the Growth Strategy Council of MLIT
(April 2010) from the Ministry of Land, Infrastructure, Transport and Tourism

JAPAN AIR TERMINAL(2) Founding and present state of the Tokyo International Air Terminal Corporation
April 21, 2006

“HKT Group”, represented the Company, was selected as the candidate for the
project

June 1, 2006

HKT Group concluded basic agreement with the Japanese government

June 20, 2006

The special purpose company, Tokyo International Air Terminal Corporation was
founded

2. Date Founded

June 20, 2006

July 7, 2006

Business agreement was concluded between the Tokyo International Air Terminal
Corporation and the Japanese government

3. Headquarters
Location

Haneda Airport, Ota-ku, Tokyo

October 21, 2010

Placed in operation

4. Capital

9.0 billion yen

5. Businesses

Maintenance and management of the terminalbuilding in the international section of Tokyo
International Airport

6. Representative

Masashi Sakurai, President (previously Vice
President of Japan Airport Terminal Co., Ltd.)

7. Composition of
Shareholders

Japan Airport Terminal Co., Ltd.

(38.78%)Japan Airlines Corporation(19.36%)

ANA HOLDINGS INC.

(19.36%)

June 2011

1. Company Name Tokyo International Air Terminal Corporation

Revised agreement on the maintenance and management of the terminal buildingin the international section of the Tokyo International Airport was concluded
between Tokyo International Air Terminal Corporation and the Japanese
government• Partial renovation and expansion of the main terminal building• Expansion of satellite and multi-story parking• Newly-built hotel

April 2012

Publicly invited bids to perform passenger terminal building and other expansion
work

Narita International Airport Corporation(4.5%)

1. Main building

Tokyo Electric Power Company, Inc.

(3.5%)

2. Main building, satellite

SECOM Co., Ltd.

(3.0%)

3. SatelliteTokyo Gas Co., Ltd.

(3.0%)• Terminal Building (4 sections)

4. Satellite

Keihin Electric Express Railway Co., Ltd. (2.0%)• Expansion of multi-story parking (1 section)
July 2012Conclusion of subcontract agreement for expansion of passenger terminalbuilding and other areas• Terminal Building
1. and 2. main building and satellite: Taisei Corporation

3. and 4. satellite: Takenaka Corporation• Expansion of multi-story parking: Taisei Corporation
November 2012

Expansion work started

March 2013

Concluded a construction contract for expansion work of passenger terminalbuildings (hotel construction area): Taisei Corporation

May 2013

Hotel construction area work started

March 2014

Expanded terminal enters partial operation

September 2014

Expanded terminal enters full operation (planned)
41

8. Corporate
Philosophy

Tokyo Monorail Co., Ltd.

(2.0%)NTT Data Corporation(1.5%)Development Bank of Japan Inc.

(1.0%)

Mizuho Corporate Bank Ltd.

(1.0%)

Bank of Tokyo-Mitsubishi UFJ Ltd.

(1.0%)As the gateway to the nation’s capital, Tokyo,
we will endeavor to continue providing cuttingedge terminal facilities and services tocustomers from across the world and thus
contribute to the development of theinternational aviation network.

Note: Created by the Company based on material from the Tokyo International Air Terminal Corporation

JAPAN AIR TERMINAL(3) Overview of the Tokyo international terminal building
Summary of facilities• Site area:

approx. 150,000m2• Terminal building
Floor space:approx. 236,500m2(including water supply and waste disposal facilities)

Floors:

5 floors

Fixed spots:

18 spots
Image picture of International passenger building, etc., after expansion• Parking lot
Total floor space:approx. 86,000m2

Floors:8 levels, 9 floors(after expansion: 8 levels, 9 floors)

Capacity:

approx. 3,000 vehicles

Note:

42

Created by the Company based on material from the Tokyo
International Air Terminal Corporation

JAPAN AIR TERMINAL

3. Changes in Passenger Volume on Domestic and International Flights (Haneda andJAPANNarita)
AIR TERMINAL(Ten thousand
passengers)

7,000
6,526
6,180

Haneda Airport– domestic passengers (left axis)

5,854

6,000
5,416
5,141

6,196

5,568

6,163

New International Terminal
started operation

6,495
6,315

6,229

5,933

Terminal 2 opened atHaneda5,642

9-11 Terrorist Attack in the US

1,400

6,165
1,200

5,875
The Great East Japan
1,139
Earthquake

H1N1 influenza
outbreak

4,630
4,302

1,000

4,446

795

4,000
3,397

Narita International Airport– international flight passengers (left axis)

3,207

2,945
3,000
2,470

2,577

2,675

2,631

2,768

3,356

3,418

3,151

3,151

3,082

2,886

2,000
Launch of Gimpo flights

Haneda Airport– international flight passengers (right axis)
1,000

243

84

72

81

87

84

85

85

97

95

'95.3

'96.3

'97.3

'98.3

'99.3

'00.3

'01.3

02.3

3,086

2,940

Expanded internationalterminal enters partial
operation

600

The extended part ofTerminal 2 started
operation

400

Launch of
Beijing flights

Increase in flights
to Hong Kong

International charter flights
moved to Narita

14

800

2,971
2,692

2,677

2,587

803

726

3,416

481

0

6,248

5,880

Financial crisis being
triggered by the US

SARS outbreak

4,863

5,000

Expanded Terminal 2 atHaneda Airport

195

35
130

161

275

200

Launch of Hong Kong flights

Launch of Shanghai flights

Increase in flights to Gimpo

'03.3

'04.3

'05.3

43

Haneda international flight passengers

Passengers using Haneda domestic flights
and Narita international flights(Ten thousand
passengers)

'06.3

'07.3

'08.3

0

'09.3

'10.3

'11.3

'12.3

'13.3

'14.3

'15.3

Fiscal year

(Forecast)

Source: Created by the Company based on material from the Ministry of Land, Infrastructure,
Transport and Tourism and the Narita International Airport Corporation

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future figures and monetaryamounts in this presentation that is not historical data are projections of the future. These are based on
management’s projections, assumptions, evaluations, judgments, and conditions on information obtainable atthe present time. Realizing these items entail uncertainty and various risks and uncertainty.
This presentation material is not intended to solicit investments. We requests you to make own decision
regarding investments.

Contact

Japan Airport Terminal Co., Ltd., Corporate Planning Division, PR/IR Office
TEL: 03 (5757) 8030
FAX: 03 (5757) 8099
Email: ir@jat-co.com